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South America


Venta de Citgo generaría la mitad de lo esperado por el régimen de Maduro

by Antonio Maria Delgado, el Nuevo Herald, August 19, 2014 Una eventual venta Citgo podría generarle a Venezuela mucho menos de los entre $10,000 y $15,000 millones esperados por el régimen de Nicolás Maduro, dijeron analistas que calificaron esas proyecciones como demasiado optimistas. Los expertos coincidieron en que el precio de la empresa con sede…

Chile to import 9 million barrels of oil from Angola in 2015: minister

by Tom Azzopardi, Platts, August 13, 2014 Chile will import 9 million barrels of crude oil, worth an estimated $900 million, from Angola in 2015, a threefold increase from this year, following a deal struck with the Angolan government and state Sonangol, Chile’s energy ministry said Tuesday. The increase will make Angola the largest supplier…

Venezuela Says Citgo Assets Worth More Than $10 Billion

By Pietro D. Pitts and Anatoly Kurmanaev, Bloomberg News, August 6, 2014 Petroleos de Venezuela SA, the Latin American nation’s state-owned crude producer, said the U.S. oil refining and marketing assets it’s seeking to sell are worth more than $10 billion. “Their value is much, much more,” Rafael Ramirez, president of the oil producer known…

Citgo Sale Signals Fragility, Desperation of Bolivarian Revolution

Crisis Drives Need for Quick Revenue from PDVSA’s US Affiliate Ana Karina Rizo, The Canal Blog, August 12, 2014 Fiscal pressure from Venezuela’s worst economic crisis in decades has catalyzed a new move from the regime: the upcoming sale of US-based Citgo Petroleum. The oil company — recently involved in controversy surrounding a violation of…

Brazil’s ANP attempts to drum up interest in marginal oil fields

by Jeff Fick, Platts, August 6, 2014 Brazil’s National Petroleum Agency, or ANP, has opened data rooms for 10 onshore blocks holding marginal accumulations of oil in an attempt to generate interest from small and medium producers, the regulator said. The ANP will make seismic surveys and well-performance data available to interested companies at the…

Glencore gets $7 billion from Las Bambas mine sale

by Sonali Paul and Silvia Antonioli, Reuters, August 1, 2014 Aug 1 (Reuters) – Glencore Plc said it received $7 billion from the sale of one of the world’s largest copper projects, the Las Bambas mine in Peru, and is expected to return at least half the cash to its shareholders. Swiss-based Glencore’s announcement on…

Latin America plays take on added importance

by David Paganie, Offshore Magazine, July 16, 2014 Oil and gas exploration and production operations in Latin America might take on added importance with turmoil clouding the upstream prospects in the Middle East, eastern Europe, and western Africa. With that in mind, Offshore takes a look at one of the most successful theaters and one…

Petrobras sets new presalt production records in June

Offshore Staff, Offshore Magazine, July 21, 2014 RIO DE JANEIRO – Petrobras’s June oil production in Brazil averaged 2,008,000 b/d, up 1.7% from May’s production of 1.975 MMb/d. Including production operated by Petrobras for its partners in Brazil, the volume reached 2,135,000 b/d, up 2.1% from last month’s production of 2,092, b/d. In June, presalt…

China provides $4 billion to Venezuela in exchange for oil

by Deisy Buitrago, Reuters, July 21, 2014 (Reuters) – China will provide Venezuela with a new $4 billion credit line under an agreement signed on Monday, with the money to be repaid by oil shipments from OPEC member Venezuela. The deal was inked during a 24-hour visit to Venezuela by Chinese President Xi Jinping, who…

Construction begins on PDVSA’s Puerto La Cruz refinery revamp

by OGJ editors, Oil & Gas Journal, July 21, 2014 Construction activities have started for the long-planned expansion and modernization at Petroleos de Venezuela SA’s (PDVSA) 190,000-b/d Puerto La Cruz refinery in eastern Venezuela (OGJ Online, July 1, 2014). Construction work related to site preparation for the Puerto La Cruz refinery’s deep conversion project officially…

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